IOSG founder's experience at the conference: Project owners and VCs are running out of money, Token 2049 is the last hope for financing
Written by: Jocy, Founder of IOSG
The scale of this industry is still growing. This year I have participated in different activities such as ETHDenver/ETHCC/Montenegro Zuzalu/Edcon. This time at 2049, I still met a lot of old friends. In fact, every such conference will attract a lot of participants in the industry. Many companies have set up budgets for such conferences. Therefore, as the scale of the industry grows, the number of participants continues to rise even in a bear market.
LPs continue to support early VCs growing in the industry, VCs continue to support founding teams of some emerging tracks, and the teams continue to expand and grow in size. It seems that everything is moving in a better direction. But in fact, this is not the case. For many teams, 2049 has become their last hope for financing. If the bear market does not end, this may be the last time for their team to show their brand, because most early teams have expanded in the past two years, and their runway has basically bottomed out. The burn rate of some teams is very high, and they only have 5 to 10 months left in such a market. They even buy the sky-high tickets/sponsor booths of 2049 to pitch more potential investors.
In addition, I attended an exclusive event hosted by the Medici family. There were 120 people, about half of whom were VCs. Among these 60 VCs, about 90% funds were raising funds. Because of the pressure of US regulations, fund raising has become very difficult. Relying on their brand and influence, they believe that Chinese LPs in Asia will support them more generously.
However, the reality is different from the bustling scene of the 2049 event. Most Crypto LPs have tightened their belts due to the bear market, and traditional LPs have fallen into skepticism about the value and use cases of this industry. Therefore, it is unrealistic to expect to meet the right VC/LP at a conference to complete financing. Obviously, the bear market will continue for a while, and this is a test of the founding team's adaptability, endurance and resilience. Just like the last bear market cycle, many founers survived until March 2020, and when they saw Bitcoin at $3,000, their hopes were dashed, and they disbanded the team and abandoned the project. Of course, in March of that year,Xiaobai NavigationAfterwards, DeFi Summer broke out, the crypto industry ushered in a new life, and many practitioners saw an unprecedented dawn.
Unlike previous years, 2049 is no longer so commercial this year, because VCs and founders from all over the world are invited to participate in different side events, so that the whole week in Singapore is filled with F1 spectators and crypto practitioners. Of course, my habit is usually to participate in suchBlockchainDuring the week, I would arrange some catch up coffee chats with the founders we have invested in in the past during the day, and then go back to participate in some interesting activities and catch up with some old friends at night (basically, during the week of the conference, I would go to bed at 1 a.m. and get up at 7/8 a.m. to schedule meetings).
From the perspective of IOSG, our direction this year and our strategy for the past two years have been to do everything possible to provide a professional academic stage to help portfolios enter the market and allow more industry practitioners to discover them, recognize them, and interact with them.
Academics and socializing do not conflict with each other. We usually separate them into two areas. Those who like to study can quietly take notes in the internal lecture area, listen to various presentations and panel discussions, and those who like to socialize can exchange TG and chat with thousands of old friends who participate in OFR one by one.
In fact, it is a bit strange to pay attention to new topics in 2049, because builders/devs rarely come to such conferences. This is more of a stage for capital connection. The power of capital can promote the progress of the industry. We can seeL2In the race for a valuation of $2 billion, zkEVM, which holds hundreds of millions of cash, has made rapid progress in technology and continues to spend money on recruiting people and competing in the mainnet and application ecosystem. Even in a bear market, it can still attract more outstanding talents to join the game.
in additionAIWe have invited more than 20 relevant founders to share their experiences on this track at the IOSG OFR of the French ECC two months ago. This track has already become an aggressive track for most US Crypto funds to gamble on. Modular labs received more than 14 TS in the bear market, Gensyn was valued at more than 400m, and ChainML completed two rounds of financing in less than 6 months.
If you look back at the theme of OFR's activities this year, we are focusing on the agreementSafetyAuditing/ZKML and Generative AIDirection/LSD and Modular tracks are being developed. Of course, we will invite the founder of Apps and FOG to the upcoming DevConnect in Turkey.L2The application of technology has become an inevitable trend of industry innovation. We are looking forward to these best founders to continue to solve the application problems of the industry.
I accidentally wrote too much. In fact, I believe that most friends who need to read this kind of summary article are wanderers, because most practitioners will get involved. So I suggest that those friends who are still reading the article should treat the next activity as a trip to experience the developmentCommunityTo fully realize the native power of encryption, you must find your own place in the industry to shine and create it, rather than just waiting for the next bull market.
The article comes from the Internet:IOSG founder's experience at the conference: Project owners and VCs are running out of money, Token 2049 is the last hope for financing
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